What the hell's the ITF

MarEx Newsletter: "
ITF Gains Ten Percent Pay Increase for Seamen
On January 1, 2006, 'able seamen' will receive a rate increase of $1,550 per month, which equates to a ten percent increase. The concept of this benchmark increase was opposed by many shipowners who argue that there should not be a globally applied wage because of the socio-economic conditions in their home countries, most of whom come from developing areas. "
"ITF" is International Trade Federation, a critter of the United Nations. This wage raise has the effect of forcing 'just-barely-satisfactory' shipowners into the ranks of the unsatisfactory shipowners. Further, like all minimum wage schemes, it reduces hiring -- especially from the desparately improverished areas of the world.
BUT, this action completely fulfils the bureaucratic imperative: it's much more important to be seen doing something than it is to do something effective.